Luxury Lifestyle is becoming the new norm of life. Properties that were considered luxurious a few years ago are considered fairly basic today. This has resulted in builders scrambling to outdo each other in delivering better and more competitively priced ‘all-rounder projects’ - projects that lay a heavy emphasis on lifestyle amenities.
The Indian buyer today is well traveled, and very active on the internet and therefore has exposure to a lot of international lifestyle imagery. This has made him expect a similar quality of life back home. Today, buyers choose projects that provide not only a sense of comfort, security, convenience and sophistication in terms of the actual living quarter, but also evaluate the surrounding lifestyle infrastructure that is available to them along with their new home. Buyers are definite that they want homes that add value to their lifestyles, and they are willing to pay the premium required, to get it.
Luxury today is measured by the credibility of the developer, the quality of the construction, views available, the project’s proximity to transport hubs, the demographic constitution of the neighborhood, and the variety and number of facilities offered along with the house.
What’s interesting is that the target group for this segment has expanded to include the generation of current 30+-year-olds, including young entrepreneurs, professionals, and corporate honchos. These homebuyers actually aspire for luxury properties as their first choice for a long-term investment.
Developers entering the luxury segment today prefer to develop integrated townships rather than independent projects. This is because most Indians still prefer living in communities as it provides a sense of belonging and security to families. The more environmentally conscious buyers, though fewer in number, look for homes with ‘smart’ and ‘green’ features such as broad internal roads, pedestrian paths, 24/7 lifestyle facilities, interestingly developed community spaces, multi-level security, and conveniences like shopping, entertainment, hospitals and schools. And yes - they want it all within the township itself! Adani Realty’s Shantigram, just outside Ahmedabad city, is an example of a Township offering all these features.
The key factor for luxury today is the quality of surrounding infrastructure. This, coupled with the fact that such luxury products are priced very competitively in India as compared to prices across the globe, the Indian buyer today will find that a Luxury property is an extremely good investment.
Adani Realty is currently developing a number of luxury and super-luxury projects in Mumbai, Ahmedabad and Gurgaon.
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